This year has seen a sharp increase in Chinese investor demand for real estate in New York, with the cash put down this year already exceeding last year's totals.

　　Our William Denselow has more from New York.

　　Reporter:

　　Another building under construction in Manhattan…and yet another property owned by Chinese investors.

　　Just a few blocks from New York's iconic Times Square, 7 Bryant Park's 30-story concave glass design cuts a distinct figure.

　　Costing the Bank of China in the region of $600 million- economics professor Ann Lee says they're not the only ones paying huge prices for prestigious properties.

　　中国投资者购买纽约房产

　　Ann Lee, Author and Professor, New York University

　　"The Chinese, because they don't know any better, are kind of paying top dollar for the name, the brand name, and the status of owning certain properties. Whether or not that makes any economic sense is besides the point for them right now."

　　Spending billions of dollars on properties like the General Motors building and the Waldorf Astoria in recent years has literally put Chinese investors on the map.

　　And while China is not new to the US property market- 2015 is already a record year when it comes to spending.

　　With some estimates putting investment up at 4.3 billion dollars- smashing last year's total of 3.3 billion dollars.

　　And analytics director at Real Capital Analytics Yi Wang says poor real estate return rates in China, regulation easing and a desire to diversify portfolios are why many Chinese investors are sending their money overseas.

　　With New York seen as a safe destination.

　　Yiqun Wang, Analytics Director, Real Capital Analytics

　　"The fundamentals of the market are very strong. The occupancy is very high, vacancy is very low and there is very good rent growth prospect for investors."

　　And while there's a range of Chinese investors, Wang says this current boom is being driven by insurance companies.

　　Yiqun Wang, Analytics Director, Real Capital Analytics

　　"Those insurance companies are very well funded and are interesting in diversifying their portfolios so this why insurance companies are very popular for putting US as a destination."

　　But with market volatility in China combined with a devaluating currency- question linger over whether this growth can be sustained.

　　And with this devaluation suddenly US property has become more expensive.

　　But while analysts think this could hurt investment in the short-term, many argue the stability of the US dollar will keep New York as an attractive destination for the foreseeable future.

　　For CRI, I'm William Denselow in New York.